| 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01385 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 284,330,000 | RMB | | 0.1 RMB | | 28,433,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 284,330,000 | RMB | | 0.1 RMB | | 28,433,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海復旦微電子集團股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | 股份類別 | A | | ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][12]. Core Insights - The company reported a revenue of 1.839 billion yuan for the first half of 2025, a year-on-year increase of 2.49%, but the net profit attributable to shareholders decreased by 44.38% to 194 million yuan [1][2]. - The decline in net profit is attributed to reduced government subsidies and increased inventory impairment losses, totaling approximately 172 million yuan, with 143 million yuan specifically for inventory [2][3]. - The FPGA product line showed significant growth, with a year-on-year increase of 23.15%, contributing positively to the company's operations [2][3]. - The company is a leading domestic FPGA supplier and is actively developing new products, including FPAI chips, which integrate CPU, FPGA, and NPU technologies [3]. Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 56.80%, an increase of 0.31 percentage points year-on-year [2]. - The revenue breakdown for various product lines includes approximately 393 million yuan from security and identification chips, 440 million yuan from non-volatile memory, 248 million yuan from smart meter chips, and 681 million yuan from FPGA and other products [2]. - The company expects net profits for 2025, 2026, and 2027 to reach 641 million yuan, 1.077 billion yuan, and 1.505 billion yuan, respectively, with corresponding price-to-earnings ratios of 83, 50, and 36 [3][5].

Group 1 - Fudan Microelectronics (688385.SH) saw a strong stock price surge, rising over 14% to a historical high of 66.84 yuan, with a turnover rate of 3.84% and a trading volume exceeding 1.296 billion yuan [1] - The company has deepened its collaboration with Ant Group's Alipay in the NFC technology sector, launching the Boost Tag series of payment RF chips, which significantly enhance communication distance and user experience [1] - Since the announcement of the partnership with Alipay on April 24, Fudan Microelectronics' stock has increased by over 30% [2] Group 2 - The "Tap to Pay" feature, launched in 2024, has reached over 5,000 brands and more than 10 million merchants, with domestic user numbers exceeding 100 million, providing a new service entry point for users [2] - The Boost Tag chip has improved the response time from milliseconds to microseconds, significantly reducing transaction wait times, ensuring stable operation for millions of terminal devices [2] - As Alipay's ecosystem expands into various sectors, Fudan Microelectronics, as a core hardware supplier, is expected to benefit directly from the deployment of millions of terminal devices and the large-scale application of over a billion tags [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 75.13 CNY per share and 49.06 HKD per share for its AH shares [2][8]. Core Views - The company's revenue for the first half of 2025 was 1.839 billion CNY, showing a year-on-year increase of 2.49%, while the net profit attributable to shareholders decreased by 44.38% to 194 million CNY [2][8]. - The FPGA product line experienced significant growth, with revenue reaching 681 million CNY in the first half of 2025, a year-on-year increase of 23.15% [8]. - The demand for high-reliability products is improving, although high inventory levels are impacting short-term profit performance [8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 3,590 million CNY, 4,220 million CNY, 4,850 million CNY, and 5,510 million CNY respectively, with expected growth rates of 1.5%, 17.5%, 14.9%, and 13.6% [4]. - The net profit attributable to shareholders is projected to be 573 million CNY in 2024A, increasing to 1,227 million CNY by 2027E, with growth rates of -20.4%, 40.3%, 28.1%, and 19.3% respectively [4]. - The company’s gross margin for the first half of 2025 was 56.8%, a slight increase of 0.31 percentage points year-on-year [8]. Market Performance - The company’s stock price as of August 27, 2025, was 58.60 CNY, with a 12-month high of 58.60 CNY and a low of 23.68 CNY [5][8]. - The report indicates that the company has maintained a competitive advantage in the smart meter chip product line, achieving revenue of 248 million CNY in the first half of 2025, a year-on-year increase of 16.98% [8].

Group 1: Market Overview - The Hang Seng Index fell by 0.66%, down 165 points, closing at 25,035 points, while the Hang Seng Tech Index decreased by 1.04% [1] - Early trading volume in Hong Kong stocks reached HKD 210.8 billion [1] Group 2: Chip Industry Insights - According to TrendForce, the proportion of external chip suppliers in China's AI server market is expected to drop from 63% in 2024 to 42% by 2025, while local chip suppliers' share may rise to 40%, indicating a trend towards domestic substitution [1] - Chip stocks saw gains, with Shanghai Fudan up 5.79%, SMIC up 8.27%, and Huahong Semiconductor up 4.64% [1] Group 3: Company Performance Highlights - China Cinda's stock rose by 9.74% after reporting a 5.8% year-on-year increase in net profit for the first half of the year, reinforcing its advantage in the non-performing asset management sector [2] - Yadea Holdings' stock increased by over 5% as its net profit for the first half of the year surged nearly 60%, with the new national standard expected to usher in a new industry cycle [3] - CNOOC's stock rose by 4.4% following a mid-term net profit of approximately CNY 69.5 billion, with further potential in overseas exploration [4] - Television Broadcasts' stock fell over 9%, reporting a loss of HKD 108 million for the first half of the year, but expects to achieve positive net profit for the year [5] - Alibaba's stock declined by 3.74% ahead of its first fiscal quarter earnings report, with market concerns regarding the impact of flash sale investments on profits [6] - Lao Pu Gold's stock dropped nearly 4% due to a reduction in shares by the company's incentive platform, although the controlling shareholder did not sell any shares [7] - Smoore International's stock fell over 8%, with a nearly 28% year-on-year decrease in net profit for the first half of the year, affected by increased R&D expenditures [8]

芯片股午前普遍走高，中芯国际（00981）上涨6.67%，报60港元；上海复旦（01385）上涨5.33%，报 36.76港元；华虹半导体（01347）上涨2.84%，报54.25港元；晶门半导体（02878）上涨2%，报0.51港 元。 来源：新浪港股 ...

Group 1 - Semiconductor stocks in Hong Kong showed strong performance, with notable gains in several companies [1] - Shun Tai Holdings surged over 18%, while SMIC and Shanghai Fudan both increased by over 8% [1][2] - Other companies like Jingmen Semiconductor, Huahong Semiconductor, and Hongguang Semiconductor also experienced significant increases, ranging from 3% to 6% [1][2] Group 2 - Shun Tai Holdings (code: 01335) rose by 18.32% to a price of 0.155, with a total market capitalization of 3.77 billion [2] - SMIC (code: 00981) increased by 8.98% to 61.300, with a market cap of 4895.62 billion [2] - Shanghai Fudan (code: 01385) saw an 8.77% rise to 37.960, with a market value of 311.81 billion [2] - Jingmen Semiconductor (code: 02878) gained 6.00% to 0.530, with a market cap of 13.24 billion [2] - Huahong Semiconductor (code: 01347) increased by 5.78% to 55.800, with a total market value of 965.05 billion [2] - Hongguang Semiconductor (code: 06908) rose by 3.33% to 0.620, with a market cap of 5.82 billion [2]

Group 1 - Semiconductor stocks in Hong Kong continued their recent momentum, with Shanghai Fudan rising by 7.68%, SMIC by 7.02%, Hua Hong Semiconductor by 4.27%, and Jingmen Semiconductor by 4% [1][2] - According to TrendForce, the proportion of imported chips in China's AI server market is expected to decrease from 63% in 2024 to 42% by 2025, while domestic chip suppliers' share is projected to rise to 40%, indicating a trend towards domestic substitution [2] - The Chinese government recently issued opinions on the implementation of the "Artificial Intelligence +" initiative, emphasizing the integration of AI-driven technology research and development, which is expected to benefit the semiconductor and domestic computing sectors [3] Group 2 - Shanghai Fudan reported a revenue of 1.839 billion yuan for the first half of 2025, a year-on-year increase of 2.49%, but net profit fell by 44.38% to 194 million yuan [4] - Despite the decline in profit, Shanghai Fudan's stock price surged, reaching an intraday increase of nearly 11% [4]

Group 1 - Semiconductor stocks experienced a rise in early trading, with Shanghai Fudan up 6.88% at HKD 37.3, SMIC up 5.6% at HKD 59.4, Jingmen Semiconductor up 4% at HKD 0.52, and Huahong Semiconductor up 2.56% at HKD 54.1 [1] - According to TrendForce, the proportion of foreign-sourced chips from companies like Nvidia and AMD in China's AI server market is expected to decrease from 63% in 2024 to 42% by 2025, while domestic chip suppliers' share is projected to rise to 40% [1] - Tianfeng Securities believes that the semiconductor, domestic computing power, and self-controllable sectors will remain long-term trends, especially amid ongoing uncertainties in US-China trade policies regarding AI computing power chips [1] Group 2 - Domestic large model development companies and internet platforms are expected to gradually increase their procurement and usage of domestic chips, creating growth opportunities for domestic chip suppliers and their supporting industry chain [1]

Core Viewpoint - Semiconductor stocks experienced a significant rise, indicating positive market sentiment and potential growth in the sector driven by domestic chip suppliers and AI server market trends [1] Group 1: Stock Performance - Shanghai Fudan (01385) increased by 6.88%, reaching HKD 37.3 - SMIC (00981) rose by 5.6%, trading at HKD 59.4 - Jingmen Semiconductor (02878) saw a 4% increase, priced at HKD 0.52 - Huahong Semiconductor (01347) gained 2.56%, with a price of HKD 54.1 [1] Group 2: Market Trends - According to TrendForce, the proportion of foreign-sourced chips in China's AI server market is expected to decrease from 63% in 2024 to 42% by 2025 - Domestic chip suppliers are projected to increase their market share to 40%, indicating a strong trend towards domestic substitution [1] Group 3: Industry Outlook - Tianfeng Securities emphasizes that the semiconductor, domestic computing power, and self-controllable sectors will remain long-term trends - In light of ongoing uncertainties in US-China trade policies regarding AI computing chips, domestic model development companies and internet platforms are expected to gradually increase their procurement and usage of domestic chips - This shift is likely to create development opportunities for domestic chip suppliers and their supporting industry chain [1]